NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN.
TwentyFour Income Fund Limited
Publication of Circular
The Board of Directors of TwentyFour Income Fund Limited (the "Company") announces the publication of a circular relating to a realisation opportunity for Shareholders (the "Circular") dated 12 July 2019.
The Articles provide for a Realisation Opportunity under which Shareholders may elect to realise all or part of their holdings of Ordinary Shares with effect from the 2019 Reorganisation Date and at three yearly intervals thereafter.
Shareholders have the option to either:
retain their current investment in the Company; or
realise their investment in the Company, by making a Realisation Election, which are intended to be satisfied at the Redemption Price representing a 2 per cent. discount to NAV per Ordinary Share as at the Electing NAV Determination Date.
Expected Timetable of Events
2019 Realisation Opportunity
6:00 p.m. 16 July 2019
Election Submission Deadline, being the latest time and date for receipt of the Form of Election and TTE Instructions in CREST from Shareholders
1:00 p.m. on 5 September 2019
Number of Elected Shares announced
7:00 a.m. on 9 September 2019
Election NAV Determination Date
9 September 2019
2019 Reorganisation Date
12 September 2019
Redemption Price and number of Realisation Shares announced
13 September 2019
Admission of any Ordinary Shares that are redesignated as Realisation Shares pursuant to the Realisation to the Official List and dealings in the Realisation Shares on the London Stock Exchange's Main Market commence
16 September 2019
Election Settlement Date: cheques despatched and payments through CREST made and CREST accounts settled
week commencing 16 September 2019
Balancing share certificates despatched
week commencing 23 September 2019
Unless otherwise defined, capitalised words and phrases used in this announcement shall have the meaning given in the Circular.
For further information, please contact:
TwentyFour Asset Management LLP +44 (0)20 7015 8900 John Magrath Alistair Wilson
Numis Securities Limited +44 (0)20 7260 1000 Nathan Brown Hugh Jonathan
This Announcement has been issued for information purposes only, it is not a prospectus. This Announcement does not constitute or form part of and may not be construed as an offer to sell, or an invitation to purchase, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party. No information in this announcement should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating any investment opportunity. It is issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made to, or in relation to, and no responsibility or liability is or will be accepted by Numis Securities Limited ("Numis") or by any of its affiliates or agents as to or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.
Numis is authorised and regulated by the Financial Conduct Authority. Numis is acting for the Company as its sponsor, broker and financial advisor and is not acting for anyone else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing the protections afforded to customers of Numis nor providing advice in relation to the contents of the Supplementary Prospectus or any matters referred to therein. To the fullest extent permitted by law recipients agree that Numis shall not have any liability (direct or indirect) for or in connection with this Announcement or any matters arising out of or in connection herewith. Numis has not authorised the contents of, or any part of, this document.
The distribution of this Announcement in certain jurisdictions may be restricted by law. No action has been taken by the Company or Numis that would permit an offering of any Ordinary Shares or possession or distribution of this Announcement or any other offering or publicity material relating to such Ordinary Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company and Numis to inform themselves about, and to observe, such restrictions.
The information contained in this Announcement is subject to change without notice and neither the Company nor Numis assume any responsibility or obligation to update publicly.